Common use of Default under VHDA Deed of Trust Clause in Contracts

Default under VHDA Deed of Trust. 1. The County Board shall have the right to cure any Borrower default under the VHDA Deed of Trust. The County Board shall have ninety (90) days (from the date the County Board or its designee informs VHDA that it will place on its meeting agenda a proposal to cure the Borrower default(s) under the VHDA Deed of Trust) to actually cure the event of default detailed in the written notice of default, and VHDA shall accept any such cure by the County Board as though such cure had been performed by Borrower. Nothing herein shall limit the right of VHDA to incur any cost, pay any price, or otherwise cure any default under the VHDA Deed of Trust, and to add such costs and payments to the Borrower’s indebtedness fully secured by the VHDA Deed of Trust. 2. If the County Board expends any monies to cure or attempt to cure any default by Borrower under the terms of the VHDA Deed of Trust, Borrower shall be obligated to reimburse the County Board, upon written demand from the County Board, for all such amounts so expended, all such amounts so expended by the County Board shall be deemed to be proceeds of the County AHIF Loan. If Borrower fails to cure any default under the terms of the VHDA Deed of Trust after any applicable notice and cure period thereunder, subject to the other terms and provisions of this Agreement, such default shall constitute an “Event of Default” under the County Deed of Trust. The County Board’s cure of a default by Borrower under the terms of the VHDA Deed of Trust shall not constitute or be deemed to be a cure by Borrower of its “Event of Default” under the County Deed of Trust.

Default under VHDA Deed of Trust. 1. The County Board shall will have the right to cure any Borrower default under the VHDA Deed of Trust. The County Board shall have ninety (90) days (from the date the County Board or its is designee informs VHDA that it will place on its meeting agenda a proposal to cure the Leasehold Borrower default(s) under the VHDA Deed of Trust) to actually cure the event of default detailed in the written notice of default, and VHDA shall accept any such cure by the County Board as though such cure had been performed by Leasehold Borrower. Nothing herein shall limit the right of VHDA to incur any cost, pay any price, or otherwise cure any default under the VHDA Deed of Trust, and to add such costs and payments to the Leasehold Borrower’s indebtedness fully secured by the VHDA Deed of Trust. 2. If the County Board expends any monies to cure or attempt to cure any default by Leasehold Borrower under the terms of the VHDA Deed of Trust, Borrower shall be obligated to reimburse the County Board, upon written demand from the County Board, for all such amounts so expended, all such amounts so expended by the County Board shall be deemed to be proceeds of the County AHIF Leasehold Loan. If Borrower fails to cure any default under the terms of the VHDA Deed of Trust after any applicable notice and cure period thereunder, subject to the other terms and provisions of this Agreement, such default shall constitute an “Event of Default” under the County Leasehold Deed of Trust. The County Board’s cure of a default by Leasehold Borrower under the terms of the VHDA Deed of Trust shall not constitute or be deemed to be a cure by Leasehold Borrower of its “Event of Default” under the County Leasehold Deed of Trust.

Default under VHDA Deed of Trust. 1. The County Board shall have the right to cure any Borrower default under the VHDA Deed of Trust. The County Board shall have ninety (90) days (from the date the County Board or its is designee informs VHDA that it will place on its meeting agenda a proposal to cure the Borrower default(s) under the VHDA Deed of Trust) to actually cure the event of default detailed in the written notice of default, and VHDA shall accept any such cure by the County Board as though such cure had been performed by Borrower. Nothing herein shall limit the right of VHDA to incur any cost, pay any price, or otherwise cure any default under the VHDA Deed of Trust, and to add such costs and payments to the Borrower’s indebtedness fully secured by the VHDA Deed of Trust. 2. If the County Board expends any monies to cure or attempt to cure any default by Borrower under the terms of the VHDA Deed of Trust, Borrower shall be obligated to reimburse the County Board, upon written demand from the County Board, for all such amounts so expended, all such amounts so expended by the County Board shall be deemed to be proceeds of the County AHIF Loan. If Borrower fails to cure any default under the terms of the VHDA Deed of Trust after any applicable notice and cure period thereunder, subject to the other terms and provisions of this Agreement, such default shall constitute an “Event of Default” under the County Deed of Trust. The County Board’s cure of a default by Borrower under the terms of the VHDA Deed of Trust shall not constitute or be deemed to be a cure by Borrower of its “Event of Default” under the County Deed of Trust.

Default under VHDA Deed of Trust. 1. The County Board shall will have the right to cure any Borrower default under the VHDA Deed of Trust. The County Board shall have ninety (90) days (from the date the County Board or its is designee informs VHDA that it will place on its meeting agenda a proposal to cure the Borrower default(s) under the VHDA Deed of Trust) to actually cure the event of default detailed in the written notice of default, and VHDA shall accept any such cure by the County Board as though such cure had been performed by Borrower. Nothing herein shall limit the right of VHDA to incur any cost, pay any price, or otherwise cure any default under the VHDA Deed of Trust, and to add such costs and payments to the Borrower’s indebtedness fully secured by the VHDA Deed of Trust. 2. If the County Board expends any monies to cure or attempt to cure any default by Borrower under the terms of the VHDA Deed of Trust, Borrower shall be obligated to reimburse the County Board, upon written demand from the County Board, for all such amounts so expended, all such amounts so expended by the County Board shall be deemed to be proceeds of the County AHIF Loan. If Borrower fails to cure any default under the terms of the VHDA Deed of Trust after any applicable notice and cure period thereunder, subject to the other terms and provisions of this Agreement, such default shall constitute an “Event of Default” under the County Deed of Trust. The County Board’s cure of a default by Borrower under the terms of the VHDA Deed of Trust shall not constitute or be deemed to be a cure by Borrower of its “Event of Default” under the County Deed of Trust.